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technical note

money-transfer operators covered by the regulator and the ombudsman

From 1 November 2009 money-transfer operators have needed to be regulated by the financial services regulator – and are automatically covered by the Financial Ombudsman Service.

This means that from this date, these businesses must have had in place in-house complaints-handling procedures that comply with the complaints-handling rules published by the regulator (previously the Financial Services Authority and currently the Financial Conduct Authority).

The ombudsman service has a range of information and support services about the official procedures money transfer businesses must follow if a consumer complains.

how can I get more information about the complaints-handling procedures and the ombudsman?

There is a wide range of information for businesses on this website including:

taking part in a wide range of events - from hands-on workshops to formal conferences. This is part of our commitment to sharing our complaints-handling experience and listening to the views of businesses.

engaging with money-transfer operators

We have organised and taken part in a number of initiatives, aimed specifically at money-transfer operators that came under the ombudsman from November 2009. These include:

providing speakers for the UK Money Transmitters Association conferences in London and Birmingham

speaking at Electronic Money Association and British Bankers Association events in London

speaking at seminars held by the regulator on the Payment Services Directive

meeting with money-transfer trade associations and major money-transfer operators

writing to all money-transfer operators to let them know about the free support services we offer

help for businesses and consumer advisers

This is part of our online technical resource which sets out our general approach to complaints about a wide range of financial products and issues. We would like your feedback on how helpful you found it. Please also use the feedback form below to tell us about anything you think we could clarify or explain better.